From Gavyn Davies at the FT:
Stripped of the irrationality and inconsistency that have been the hallmarks of Trump’s campaign, the macro-economic package that he has proposed has three main components: a large fiscal easing, including personal tax reductions at the upper end of the income scale, and sweeping cuts in corporate tax rates; a switch to a more rules-based monetary policy, with less focus on zero interest rates and quantitative easing; and a large increase in trade protection, which his advisers think will switch US demand away from foreign producers towards domestic industries.
…It is also not that far removed from the policy mix that has been pursued by some previous Republican Presidents, notably Ronald Reagan, George W. Bush and even Richard Nixon. The change in the policy mix under Reaganomics is particularly reminiscent of what might happen under a “respectable” version of Trump’s plan.
